Cast Film Manufacturers Create New Revenue Streams by Entering Versatile Industries
The packaging industry is becoming an integral part of a wide range of end-use industries. The increasing demand for see-through packaging solutions is triggering the demand for high-performance barrier materials, such as cast films. The demand for high-quality cast films is increasing, as the packaging industry is regulated by various governing bodies as well as environmental organizations, which has amplified the importance of optical properties and quality of the raw materials of cast films.
The cast films landscape is expanding into new industrial verticals, as market players are foraying into versatile areas of applications to improve the sales potential of cast films. Pharmaceuticals and personal care industries are emerging as top new application areas for cast films market players, and this is triggering innovation in the landscape, as manufacturers are focusing on meeting the specific requirements of end users in these industries.
Right from innovation in engineered plastic, which is the primary raw material in cast films, to unique features of cast film-based packaging solutions, such as anti-counterfeiting cast film labels for pharmaceuticals, the cast films landscape is attracting investors. Transparency Market Research (TMR) thoroughly studies the market, in its latest offering, and offers exclusive and actionable insights for market players to gain an edge in this landscape.
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Cast Films Market: Innovation Centered around Raw Materials
The cast films market grew at a healthy CAGR (Compound Annual Growth Rate) during 2014-2018, reaching a valuation of ~ US$ 60.2 billion in 2018. With their performance benefits over blown films, the demand for cast films is expected to prevail in the coming years. Market players are now competing on the distinguished performance characteristics of cast films by adopting high-performance raw materials.
TMR’s study finds that, polypropylene is the most widely used raw material in the cast films landscape, owing to its superior performance characteristics over other plastics used in cast films. Many market players are also experimenting by using innovative raw materials by combining two different materials to further boost the performance characteristics of cast films.
In addition, sustainability is becoming an important aspect for manufacturers in the cast films landscape, as end users are willing to reduce the carbon footprint of their businesses, and consumers are becoming more aware about the recyclability of plastic-based packaging materials. However, owing to the complexity of packaging formats of cast film-derived packaging solutions, recycling multilayer cast film packaging on a commercial scale is becoming a critical challenge for stakeholders in the cast films market.
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Rising Demand for Cast Films in Multilayer Pouches to Define Future Market Trends
The global market for flexible packaging solutions is expanding rapidly, and most of the stakeholders’ actions are determined by consumer product purchasing behavior. The cast films landscape is taking shape based on the same phenomenon, as dynamic factors influencing consumer purchasing decisions are redefining the trends in this market.
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Consumers are gradually switching to smaller serving sizes, especially when it comes to food products or beverages, and the demand for lightweight packaging is increasing. With a mounting number of consumers voicing their demand for compact and convenience packaging in products, the applications of cast films in manufacturing compact packaging such as pouches are likely to surge in the coming years.
TMR’s study finds that, in 2018, pouches accounted for ~ 41% revenue share of the cast films landscape, recording a sales of ~13,463 kilo tons. Market players are likely to increase focus on tracking consumers’ changing purchasing patterns to offer more appropriate features of cast films for pouches, and ultimately, to further enhance their sales performance.
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